China Ouhua Winery Holdings Ltd said its normalized net income for the first quarter amounted to a loss of 2.5 million yuan, compared with a loss of 7.2 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 133.9% from negative 275.8% in the year-earlier period.

Total revenue fell 27.6% year over year to 1.9 million yuan from 2.6 million yuan, and total operating expenses decreased 58.6% from the prior-year period to 6.3 million yuan from 15.3 million yuan.

Reported net income came to a loss of 4.2 million yuan, or a loss of 1 fen per share, compared to a loss of 11.9 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of May 28, US$1 was equivalent to 6.20 yuan.